May 21 2010
Pattern Energy Group LP has secured equity funding of over $800 million from investment funds managed by the management of Pattern Energy Group, Riverstone Holdings LLC and select employees.
The funds will be used for Pattern Energy Group’s construction, development as well as operating pipeline of renewable and wind energy projects.
Pattern Energy Group’s CEO Mike Garland commented that the company’s robust growth recorded over the previous year exceeded its target of 300 to 400 MW under construction or operating. The company intends to expand its presence in the renewable energy market throughout North America.
Over the last nine months, Pattern Energy Group has made investments in wind power projects exceeding more than $1 billion. The company has 522.4 MW of wind projects in North America either under construction or in operation. The long-term development pipeline of the company stands more than 4,000 MW that includes short-term renewable power projects of 2,000 MW.
Currently, Pattern Energy Group is building the 138-MW St. Joseph Windfarm situated in Manitoba, Canada. The company is also constructing the 101.2 MW Hatchet Ridge Wind project in Northern California. Pattern Energy Group’s Gulf Wind project situated in South Texas’ Gulf Coast having 283.2 MW capacity, produces renewable and clean energy sufficient to power 80,000 homes in Texas annually.